Managing Broker License Renewal Q&A

Everything you need to know about the April 30 Managing Broker license renewal

 

Carrie Elliott, Education Manager

Betsy Urbance, Legal Hotline Attorney

By IAR Education Manager Carrie Elliott and IAR Legal Hotline Attorney Betsy Urbance

By April 30, 2013 Illinois managing broker licensees must have completed the continuing education (CE) requirements and applied to renew their license through the Illinois Department of Financial and Professional Regulation (IDFPR).

What is Required | Q & A | Questions After the Deadline

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NEW! Questions after April 30 Managing Broker license renewal deadline

Q: Can I still practice real estate as a Managing Broker after April 30 if I have not completed all the required CE and/or completed the renewal application and paid the fee to the Illinois Department of Financial and Professional Regulation?

No. Contact the Illinois Department of Financial & Professional Regulation to learn your options: IDFPR 1-800-560-6420 or FPR.realestate@illinois.gov.

Q: If I have completed my CE, my Broker Management CE, paid the fee and submitted the renewal form on or before April 30th but have not received my renewed license, may I practice now?

Yes. Make sure you keep records of your CE, renewal application and payment for proof purposes in the case of an audit.

Q: What if I haven’t completed CE in time to meet the renewal date of April 30, 2013 for the Managing Broker license?

If you renew without completing the required CE you could face a penalty of up to $75 per 3 hour course, or $25 per credit hour, that you were deficient (e.g., deficient 3 hours, $75 penalty). Link here to review the CE requirements for the 2013 Managing Broker license renewal.

Q: I was unable to take the 12-Hour Broker Management required for licensees who transitioned to Managing Broker by the Proficiency exam. Will more classes be offered?

IAR will be scheduling a webinar for the 12-Hour Broker Management course in late May or early June to assist those who were unable to complete the requirement in time. If you are interested in taking the course, please email smahinda@iar.org to save your spot and stay tuned to the IAR Weekly Connection e-newsletter and www.illinoisrealtor.org for details. Keep in mind that you must not engage in any licensed activities after April 30, 2013 until your license is renewed, all your required CE is complete and your license is back on active status with IDFPR.

Q: I was ill and unable to complete the requirements for the Managing Broker license renewal by April 30, 2013. What can I do?

You can submit a letter requesting a waiver with a doctor’s note to the Illinois Department of Financial and Professional Regulation, Licensing Division, 320 W Washington Street, Springfield, IL 62786. NOTE: Until you hear otherwise from IDFPR, you should not practice real estate brokerage.

Q: I sent in my renewal application to IDFPR and found out I failed one of my CE classes. What’s the next step?

Retake the exam right away by contacting the CE school where you completed your education. Fines related to unfulfilled continuing education are determined by IDPFR.

Q: I didn’t renew as a Managing Broker and would like to fall back to the Broker license. Is this possible?

Not at this time. Your only option right now is to take the education requirements for obtaining an Illinois Broker license.

Q: I took too many regular CE hours. Will they count toward my 2015 Managing Broker renewal.

If you took home study or online courses and have not fulfilled the requirement by taking the final exam, you can complete the exam after May 1 and the credits will apply to your 2015 renewal.

Q: I took the Broker Management course and did not need it for the 2013 renewal. Will any of those hours count towards my 2013 renewal?

Yes, the 12 hours can be counted as elective hours toward your 2013 Managing Broker renewal.

 

What’s required?

That depends on how you transitioned your broker license last year to the new “managing broker” license or whether you’ve just become a licensed managing broker since May 2011.

1. Transitioned to Managing Broker by completing and passing the Proficiency Exam. In this case you are required to take 12 hours of interactive Broker Management Continuing Education (CE). In addition you must complete 18* hours of regular CE (a minimum of nine Core and nine Elective CE hours) before April 30, 2013. The Core hours should include one Core A and two Core B courses. There is a maximum of nine hours of Elective CE allowed. Note: The interactive component of this CE requirement for Managing Brokers is satisfied by live classroom courses or state-approved live webinars including Broker Management CE Webinars by the Illinois Association of REALTORS® Licensing and Training Center: www.illinoisrealtor.org/bmce

2. Transitioned to Managing Broker by completing the 45-hour Managing Broker Transition Course. In this scenario you do NOT need to take the 12-hour Broker Management CE course. However, 18* hours of regular CE are still required. You will need a minimum of nine Core and nine Elective CE hours before April 30, 2013. The Core hours should include one Core A and two Core B courses. There is a maximum of nine hours of Elective CE allowed.

3. First licensed as a Managing Broker on or after May 1, 2011. You need 12 hours of continuing education credits by April 30, 2013 with a minimum six hours of Core CE (three hours Core A and three hours Core B) and a maximum of six hours Elective CE.

*Your renewal period was effectively three years since you last renewed in April 2010. So this CE requirement is at a rate of six hours per year.

 

And now, questions and answers:

Q: What if I have too many Core CE hours and not enough Elective?

Your Core hours will count towards Elective CE hours, however elective hours do not count towards your Core requirement. Keep in mind that credit hours for the same course cannot be repeated within the same cycle.

Q: I took CE before the transition deadline last year. Will that count for my renewal?

If you are a broker who has transitioned to managing broker, continuing education completed from 5/1/10 through 4/30/13 will count towards the 4/30/13 renewal.

Q: When is the IDFPR renewal open? It is open now.

Visit https://www.idfpr.com/renewals/RealEstateManagingBroker.asp. You can renew online with a credit card or print a paper copy and mail in your renewal to the Illinois Department of Financial and Professional Regulation, PO Box 7086, 320 West Washington Street, Springfield, IL 62791.

Q: I’m from another state, what do I need to do to be a Managing Broker?

Review IDFPR’s Reciprocity Application for Licensure Under the Real Estate License Act https://www.idfpr.com/DPR/RE/Forms/recip.pdf

Q: I’m a licensed attorney in good standing in the State of Illinois.

What do I need to do to renew as a managing broker? You will just be required to complete the renewal forms and pay the license renewal fees required by IDFPR. You are EXEMPT from all continuing education including the Broker Management CE.

Q: How can I find out what continuing education hours I already have?

Use the Illinois Association of REALTORS® Education Lookup: http://www.illinoisrealtor.org/lookup to check your EDUCATION CREDITS for courses taken AND PASSED through the Illinois Association of REALTORS® Licensing and Training Center.

Q: Why can’t I find my CE hours on your website?

If you took your CE through a provider other than the Illinois Association of REALTORS® Licensing and Training Center or your local association, your CE will not be reflected in IAR’s Education Lookup. You will need to contact the other school directly for your records.

Q: If my license is in a “holding company” do I still need CE?

Yes. Your “holding company” is your sponsoring broker so you hold an active sponsored real estate license. You are, thus, subject to CE requirements.

Q: I transitioned by taking the 45-hours and took the Broker Management CE by mistake. Can I use any of these hours?

Yes, you can use the Broker Management CE hours as Elective CE hours for your regular CE requirement.

 

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This information may not be distributed in whole or in part without permission and citing the source as follows: “Reprinted with permission by the Illinois Association of REALTORS®, 522 S. Fifth Street, Springfield, IL 62701. iaraccess@iar.org, 217-529-2600, www.illinoisrealtor.org”